Mainstream Capital Management LLC Sells 424 Shares of Apple Inc. $AAPL

Mainstream Capital Management LLC decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,861 shares of the iPhone maker’s stock after selling 424 shares during the quarter. Apple makes up about 6.8% of Mainstream Capital Management LLC’s holdings, making the stock its 2nd biggest position. Mainstream Capital Management LLC’s holdings in Apple were worth $8,632,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Apple by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker’s stock valued at $349,532,608,000 after purchasing an additional 49,168,843 shares during the period. Geode Capital Management LLC raised its stake in shares of Apple by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker’s stock valued at $84,999,145,000 after buying an additional 6,307,413 shares in the last quarter. Norges Bank acquired a new position in shares of Apple in the 4th quarter valued at $46,868,648,000. Northern Trust Corp raised its stake in shares of Apple by 13.3% in the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker’s stock valued at $42,918,365,000 after buying an additional 20,079,472 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Apple by 14.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker’s stock valued at $26,220,566,000 after buying an additional 13,137,968 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Down 0.3%

Apple stock opened at $230.89 on Tuesday. The company’s 50 day simple moving average is $210.28 and its 200 day simple moving average is $212.94. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The firm has a market capitalization of $3.43 trillion, a price-to-earnings ratio of 35.04, a PEG ratio of 2.42 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. During the same quarter in the previous year, the firm posted $1.40 earnings per share. The business’s revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple declared that its Board of Directors has authorized a share buyback plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. Apple’s payout ratio is presently 15.78%.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares of the company’s stock, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

AAPL has been the subject of a number of recent research reports. Loop Capital dropped their price objective on shares of Apple from $230.00 to $215.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Evercore ISI restated an “outperform” rating and issued a $250.00 price objective on shares of Apple in a research note on Wednesday, August 13th. JPMorgan Chase & Co. increased their price objective on shares of Apple from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Morgan Stanley increased their price objective on shares of Apple from $235.00 to $240.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $217.00 price target on shares of Apple in a report on Tuesday, July 29th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $237.60.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.